Oct. 31, 2011 – Nabors Industries, a company which provides contract drilling services headquartered in Bermuda, is parting ways with longtime chief executive Eugene Isenberg.
As Isenberg leaves, he “is contractually entitled to a $100 million payment in the event he is fired or that the firm otherwise makes a change in control,” according to a report by James O’Toole in CNN Money.
Industry analyst Brian Uhlmer of Global Hunter Securities says shareholders are the big losers. “This is an unnecessary expense in my mind, but there’s no way around it. The board was not going to be able to push him out of the position without the payment,” he told the writer.
Isenberg’s 2009 pay package was $79.3 million when he “was ranked on CNN Money’s list of the “5 Most Overpaid CEOs.”